What's an Escrow account?

@blanne (174)
Philippines
May 18, 2009 7:59am CST
Hello all! I was just wondering what an Escrow account is, and how come some sites use it as means to pay their clients or providers. I'm sorry for being ignorant, but may I know how it works? Is it like paypal or something? Is it okay if I don't live in US to be able to use it? Thank you so much to all people who will participate in this discussion. Have a nice day! ;)
1 response
• United States
18 May 09
I generally hear about escrow accounts in regards to a mortgage. For example, I have to pay a certain amount each month that goes into an escrow account. That money is then used to pay my property taxes. The only other time I have ever seen escrow accounts is when I worked at a bank. Im not sure all of the details of them, because I never worked with them much. Here is what I do know: *It is an account where money is held in your name until it is disbursed. *The money can only be dispersed by the company that is in control of it. Even though the money is in your name, you cannot access it. I havent heard of any sites paying via an escrow account. Perhaps they just hold the money in an escrow until they are ready to pay you, once you meet the minimum? I would ask for more details form the site! Good luck figuring it out!
1 person likes this
@blanne (174)
• Philippines
19 May 09
Thank you for your response! It's very helpful.. ;)
• Philippines
8 Nov 09
technically how can you measure the conditions of an escrow accounts?
• United States
9 Nov 09
Can you elaborate on your question? What you said doesnt make any sense to me. I would be happy to try to help you more once I understand!